Are you a merchant looking to measure what promotional offers are working best within your business? Analytics are one solution that can help you monitor your business performance and the shopping behaviors of your customers. In a world that is becoming more digitally influenced, analytic solutions will also help you evaluate what is and isn’t working for your business and help set you up for long-term success.
Let’s take a further look at some of the top solutions you as a merchant can use to track data and analytics:
Online Reporting Solution
Looking to audit and monitor revenue from credit card sales? An online reporting solution from your payments partner is just what you need to observe your sales activity. With an online reporting solution, you will be able to view your payment processing statements online and have the capability to build daily, monthly, or individual reports.
Online reporting solutions also decrease the amount of time that is needed to search for payment information, allowing you as a merchant to search for specific transactions.
Begin integrating data analytics for your business by investing in an online analytical dashboard. Effortlessly monitor key data metrics such as sales growth, local market activity, loyalty programs, and more.
The majority of analytic services also have the capability of combining a variety of data sources – including competitor analytics, social media tracking, reputation monitoring, and sales. Now you can do more for your business with less effort, and put more focus on the parts of your business that require more attention.
Loyalty programs are a good way to encourage your customers to return and spend additional money at your store. To determine if a loyalty program is successful, you will need to evaluate and measure how it is performing on a frequent basis. One way to track this is by gaging certain loyalty marketing campaigns and tracking how many purchases and/or visits that campaign is producing. This data will allow you to identify effective sales promotions and determine the effectiveness of the overall program.
Beacon technology is a newer form of technology that you can use for analytical purposes. Beacons use Bluetooth technology and communicate directly to your customer’s smartphone device through a downloaded app. You can use beacon technology to send your customers’ a personalized message upon entering your store, direct coupons, or reward points. Not only do beacons personalize the customer experience, but also gather valuable analytics on in-store activity – allowing you to measure what areas of your store get the most traffic and track what sort of offers are being redeemed the most by your customers.
Incorporating analytic solutions will give your business additional opportunities to grow your revenue and gain more customers. By using an online reporting solution, an analytic dashboard, loyalty programs, and beacon technology your business will be well on the way to track data and analytics.